PREMIER Oil has renegotiated the terms of its $625 million deal to acquire UK North Sea assets from BP, achieving a "big win" of cutting the decommissioning liabilities associated with the assets by $360 million. Under the new terms agreed for BP's operating interest in the Andrew Area and non-operating interest in the Shell-controlled Shearwater assets, Premier will pay $210 million in cash on completion of the deal, which was originally announced in January when oil prices were at about $60 per barrel of Brent. Some $300 million will be funded from cash flows generated by the assets since 1 January 2019, the deal's effective date. Under the new deal, a further $115 million could be paid but only if oil prices increase above $55 per barrel.
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